Dogecoin Targets $2 Amid Cup and Handle Formation
Dogecoin's monthly chart pattern suggests a bullish setup forming a cup-and-handle since 2021. Despite recent market volatility, the handle retraced to key Fibonacci levels, indicating potential for reaching the $2 target.
Key Points on Dogecoin
- The handle wick retraced to the 0.382 Fibonacci level before recovering above the 0.618 support at $0.20205.
- Current trading at $0.20568, down 11.74% for the period.
- Resistance levels are at $0.24770 and $0.29681; a breakthrough could target $0.37315 and $0.48442.
- Fibonacci extensions suggest targets of $0.90288, $1.24968, and $1.99344 aligning with the $2 objective.
Altcoin Market Insights
- The “OTHERS” market-cap index shows a recovery after dropping to a low of $156.59 billion, rebounding to $270.35 billion.
- Bollinger Bands indicate a similar pattern to the March 2020 COVID deleveraging, suggesting potential for a sustained upside cycle.
- US small-cap equities' performance indicates broader risk appetite, supporting the view of existing market liquidity.
At the time of reporting, DOGE traded at $0.21124.
